Miaoshou Doctor Announces Completion of Nearly RMB 500 Million Series C Financing Led by Tencent

VCBeat (WeChat ID: vcbeat) has learned that Miaoshou Doctor recently completed a Series C financing round of nearly RMB 500 million. The round was led by Tencent, with additional investments from Kunling Capital, Sequoia Capital, and Qiming Venture Partners. The funds will be used to support the rapid expansion of Miaoshou’s business.

Miaoshou Doctor was established in 2015 with the mission of “building the shortest distance to prescriptions based on doctor-patient relationships.” Online, it has created a doctor-patient communication platform through Miaoshou Internet Hospital, enabling physicians to manage their patients and provide post-consultation rehabilitation advice. Offline, Miaoshou has established a network of service pharmacies covering 32 cities, including Beijing, Shanghai, and Guangzhou, which handle prescription services and patient education management.

To date, Miaoshou Doctor has partnered with numerous pharmaceutical companies and medical institutions, with collaborations covering patient-provider management and disease progression tracking for multiple conditions, including oncology, hematologic disorders, rheumatism, and dermatological diseases.

He Tao, founder and CEO of Miaoshou Doctor, is a serial entrepreneur who previously founded and served as CEO of Jianyi.com, which rose to become a leading enterprise in China’s pharmaceutical e-commerce industry between 2012 and 2014. According to He Tao, Miaoshou Doctor’s rapid growth has been driven by the national policy promoting the separation of prescribing from dispensing, as well as the company’s platform operation strategy, which delivers value to all participating stakeholders, including medical institutions, patients, and manufacturers. In 2018, the company will deepen its collaborations with more medical institutions and pharmaceutical companies. Miaoshou Doctor will consistently uphold its corporate development philosophy of “patient- and physician-centric service, with employees who strive for excellence at its core,” leveraging technological innovation to advance big data healthcare and create services that are “closest to the prescription.”

Mu Yifei, Executive Director at Tencent Investment, stated: “Miaoshou Doctor establishes connections between doctors and patients, empowering physicians and delivering value to patients. By integrating online and offline operations, it has built a robust foundation for doctor-patient services. We believe that leveraging these advantages will enable greater achievements in enhancing medical efficiency and expanding the post-diagnosis market.”

Zhou Kui, a partner at Sequoia Capital, stated that the internet healthcare market holds immense potential. He believes that, against the backdrop of the separation of prescribing and dispensing, Miaoshou Doctor’s patient-physician connectivity and disease course management—characterized by its “online-plus-offline” services that bring patients closest to the point of prescription—have quickly gained recognition from doctors, medical institutions, pharmaceutical companies, and other industry partners, positioning the company for further advancement in the realm of new pharmaceutical services.

Wang Buyi, Managing Partner at Kunling Capital, stated: “Kunling Capital has been closely focusing on promising business opportunities that have emerged in recent years from the reform of China’s pharmaceutical distribution system. We are particularly interested in models that enhance medical efficiency and reduce overall costs in the processes of physician diagnosis and medication prescribing. We are highly optimistic about the Miaoshou Doctor team led by Mr. He. Leveraging nearly two decades of operational and management experience in both offline retail networks and online pharmaceutical sales platforms, the team has built an integrated online-to-offline (O2O) platform connecting doctors and patients, thereby improving the efficiency of doctor-patient interactions. Kunling Capital will continue to provide strong support for Miaoshou’s development.”

Hu Xubo, Managing Partner at Qiming Venture Partners, stated, “We are fortunate to support founder He Tao and the Miaoshou team in jointly developing China’s most efficient prescription and drug distribution platform for the future. Improving the efficiency of prescription and drug distribution has the potential to reduce healthcare system costs by tens or even hundreds of billions of yuan. Leveraging mobile internet technology, the Miaoshou Doctor platform is undoubtedly at the forefront of this field.”